Nicholls sets online auction for three Madison commercial parcels

Nicholls Auction Marketing Group is closing online bidding Sept. 14 on three real estate parcels in downtown Madison, Virginia, including a commercial building, vacant land and a historic multi-tenant home. The sale could draw buyers looking for redevelopment, investment or mixed-use property with access to Route 29 and nearby Central Virginia markets.

Why it matters: - The auction puts one of the largest undeveloped or redevelopment tracts in Madison, Virginia, on the market. - The properties sit in a downtown location with regional access, which broadens the buyer pool for commercial, residential and investment uses. - The sale could reshape a key block in a small-town market that sits near larger employment and population centers.

What happened: - Nicholls Auction Marketing Group announced online-only bidding will close Monday, Sept. 14, at 12 noon. - The auction covers three parcels at 210 Washington St. and 150 N Main St. in Madison, Virginia 22727. - The sale is open to the public. - Brokers must pre-register to qualify for compensation.

The details: - 210 Washington St. is an 18,660-square-foot commercial building on 1.917 acres. - The Washington Street property includes an open floor plan, an asphalt parking lot, a loading dock with a 10-foot door and 3-phase power. - The commercial building needs renovation. - 150 N Main St. includes a 1.073-acre vacant land parcel with about 140 feet of road frontage on Washington St. - The vacant parcel is positioned for potential residential, commercial or investment use. - The third offering at 150 N Main St. is a historic 4-bedroom, 2.5-bath multi-tenant home on 1.619 acres, built circa 1820. - That property includes a detached 30-by-36-foot shop, garage and storage building. - The home is currently used as a duplex and can be converted to a single-family residence. - The property also includes a detached cottage and access from both N Main St. and Washington St. - Tony Wilson, the auction marketing coordinator, said the properties are within walking distance of downtown Madison and minutes from Route 29. - Wilson said the site is about 30 minutes from Charlottesville, 25 minutes from Culpeper, 45 minutes from Fredericksburg and 90 minutes from Northern Virginia and Washington, D.C. - Nicholls Auction Marketing Group said more information is available at the company website or by calling Tony Wilson at (540) 548-1459.

Between the lines: - The property mix suggests the auction is aimed at multiple buyer types, including developers, investors and owner-users. - The commercial building’s need for renovation may attract value-add buyers rather than immediate occupancy users. - The historic home’s current duplex setup adds flexibility for income-producing use.

What's next: - Online bidding closes Sept. 14 at noon. - Prospective buyers and brokers can review the properties and register before the deadline. - Nicholls Auction Marketing Group said the auction will proceed online only.

The bottom line: - Madison is getting a rare chance to reprice three centrally located parcels in a single auction, with the biggest upside tied to redevelopment and mixed-use potential.